Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Chilean state miner Codelco, one of the world’s largest copper producers, said on Tuesday it has obtained $532 million in climate financing authorized by French bank Credit Agricole CIB.
The funds will be used to finance its decarbonization plan, it said, under which it aims to decarbonize 100% of its energy matrix by 2030.
Codelco launched the plan in 2018 when it signed a decarbonized supply contract with energy company Engie for its Chuquicamata site, the company added.
Codelco, which accounts for about 9% of Chile’s energy consumption, said the funds will go towards achieving its sustainability targets, which includes renewing electricity supply contracts with renewable energy sources.
(By Fabian Cambero and Natalia Siniawski; Editing by Sarah Morland)
Comments